Trending down USDCHF. If the trend maintains its structure, we may see a small bounce followed by a heavy downtrend. Since price is at the lower trend/channel I am looking for a sell entry closer to the upper channel/trend to ride it back down.
Potential LONG opportunity finally happening after a crazy rollercoaster ride from a "hawkish" fed speech.
I have been looking for the trendline bounce (shown on bottom chart) since my last idea and it has perfectly bounce off it this afternoon.
I am now looking to go long term in this pair as the 4H is showing an inverse head and shoulder and the daily/weekly ...
USDCHF Sell Trade Idea: Looking To Open A Sell Trade On This Pair. Smart Move Is Waiting For A Pullback Then Go In Hard & Have An SL Of 0.991 or 0.993. Looking For A Strong Move Down In The Coming Days.
1. Nice pullback to trend line
2. Low volume so higher probability price action is a pullback
3. Confluence with fibs level, price action could not close above 0.618
4. Pin bar showing strong downward selling pressure
5. On the 1 hr time frame lower close from previous low gives us a good entry reason.
I will maintain the short for USD CHF
Dividing my trade in 3 positions
Open 1 position at :- .98996
Open 2nd position at :- .98990 (if rebound)
Open 3nd position at :- .99287( if rebound continue)
Exit at .98510 or put trailing stop and exit .98332
I guess it should do some Up and down and should fall further beyond .98332 more as per the arrows . ...